How real estate sector upbeat about upcoming festive season
Attractive schemes and offers during festivals will keep the momentum in sales of homes across cities, point out developers
Mumbai: The real estate sector is upbeat about the upcoming festive season and expects a windfall in sales. Demand for housing is already at an all-time high and the festivities are expected to fuel the positive sentiment further. Bizz Buzz interacted with various stakeholders on the topic.
Kanika Gupta Shori, Founder and COO, Square Yards, says, “Demand for housing is already at an all-time high and the festivities will fuel the positive sentiment further.”
Moreover, developers are also optimistic about the growing desire for homeownership and anticipate that with attractive schemes and offers, the demand for homes across cities will be healthy. Further, the unchanged repo rates and the appraisal cycle that coincides with the festive season will provide much-needed boost to the residential sales figures in the coming months.
Historically, festivals frequently ignite property purchases, driven by the belief that these occasions are auspicious for investments. Developers capitalize on this by presenting enticing offers and flexible payment solutions to attract potential buyers.
Aman Sarin, Director and CEO, Anant Raj Limited, says, “A significant driver of housing demand is the rising importance of property ownership, buoyed by consumer confidence in the broader economic climate. Our focus is on augmenting high-value inventory, encompassing luxury villas and condominiums during the festive season in Anant Raj Estate, Sector-63A, Golf Course Extension Road. All in all, the festive season is poised to exert a favourable influence on the real estate industry.”
The festive season typically brings optimism and increased real estate transactions, benefiting the stakeholders including developers and homebuyers. Mohit Jain, Managing Director, Krisumi Corporation, feels, “The residential real estate sector is presently experiencing robust growth, and this trend is expected to persist. The concept of homeownership has evolved, with people viewing houses not just as a necessity but also as a lifestyle choice, an investment, and a means to create assets for future generations. The demand for superior housing is anticipated to keep rising in the foreseeable future.”
Indian buyers believe in auspicious occasions for investing and more importantly starting something new for better endeavours. From Ganesh Chaturthi to the beginning of New Year is festive season in India and the market is anticipated to achieve great sales continuing the momentum.
Swapnil Anil, Executive Director and Head, Advisory Services, Colliers India, maintains, “Developers understand this and are ready to offer best suited products for customers with innovative financing, great locations, pocket-friendly products and also ready to move in supply as well.”
Many buyers, especially in Maharashtra wait for the auspicious time to purchase new properties. Both supply and demand are at optimum level during this period which creates positive sentiment in the real estate market. While comparing first and second half of the year 2022, in the top six real estate markets, Mumbai recorded 25 per cent higher sales in residential properties.
